trent mell 12.25

Mell

Electra Battery Materials officials have extended their agreement with Glencore as part of the company’s plans to produce battery-grade cobalt product for the electric vehicle market.

Electra, formerly known as First Cobalt, and Glencore will market the Canadian-made cobalt sulfate as a premium brand product that is sustainably mined and refined with renewable hydroelectric power, Electra CEO Trent Mell said in a news release.

An assessment by an outside party indicates that Electra’s refinery in Canada “will have the lowest carbon footprint in the global automotive supply chain,” he said.

Plans still call for the first battery-grade sulfate to be produced in the fourth quarter of this year. Annual production is pegged at about 5,500 tons of sulfate a year, with an eventual increase to about 7,100 tons.

Glencore will market the cobalt sulfate produced by Electra. Both companies expect the product to command a premium above normal market prices, Mell said. That’s because Electra’s cobalt feedstock is source from the highest quality cobalt mines and the refinery has strong environmental social and governance credentials compared to its peers, he said.

Glencore and Electra have worked together for several years, Mell pointed out, and Glencore funded the initial engineering studies on the refinery and provided technical input to Electra. Glencore does not have any ownership interest in Electra.

“Electra is pleased to continue working with Glencore as the refinery comes online,” Mell said.

Electra is building the only fully integrated and environmentally sustainable battery materials park in North America in Canada. The battery materials park will host cobalt and nickel sulfate production plants, a lithium-ion battery recycling facility and battery precursor materials production. Electra owns the Iron Creek cobalt and copper project in Lemhi County, which is in the advanced exploration stage, according to Mell.

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